From ‘flop’ to success: Monad’s MON token sale ends with oversubscription on Coinbase

More than 85,000 participants took part in the token sale.

Monad, a self-proclaimed next-generation Ethereum-compatible Layer 1 chain with low fees and scalable decentralization, has completed its token sale on Coinbase with a significant oversubscription.

Interestingly, just a few days before the event ended, demand was apparently lacking, causing some concern within the community.

$270 million raised from 85,000 participants

The team behind the project announced Earlier today, 85,820 participants took part in the token sale, and the total amount raised was $269 million. Its co-founder, Keone Hon, noted at X that the “most important metric” was not the millions of funds raised, but the number of participants.

However, Hon acknowledged that a significant portion are made up of “crypto insiders” but believes many are also newcomers. He praised the team for their efforts and added that the mainnet launch is scheduled for Monday.

The MON token sale has been completed

The sale was more than sold out, with a dramatic flurry of activity at the end, as many had predicted

But the most important statistic for me is 85,000 participants

Some of these people are crypto insiders. But many are newcomers. This is incredible…

– THEONE PL 🎟️ (@butnexid) November 23, 2025

Monad’s website explains that the network is EVM compatible “at the bytecode level.” This means that Solidity contracts, EVM addresses, infrastructure, tooling and libraries work out-of-the-box. The custom code database and low system requirements allow validators to run on consumer hardware, which should ensure “true decentralization from day one.”

Success at last

The final number of $269 million indicates that the token sale was oversubscribed, as the original goal was to raise $187 million. However, just a few days before the event ended, the numbers were different and quite worrying.

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By the first day of the token sale on November 17, the team had only reached 45% of its goal, which pales in comparison to other similar events for Layer 1 or 2 networks. Some of the blame could be attributed to general crypto market conditions in mid-November, given the crash that wiped out more than $1 trillion in capitalization.

The initial figures prompted Hon to express his support for the project and reaffirm his commitment to making it a success.

“Token sales are a major trend this year, and in many sales there is a sense where the terms of the sale are constructed to make the outcome sound as impressive as possible – ‘XX oversubscribed’ and so on. Smart people see through the gamesmanship anyway. It’s better to be transparent and focus on the stakeholders who will be most beneficial to the project’s growth,” he says. said at the time.